Clearford Industries Inc. announced today the signing of the share purchase agreement to acquire an undisclosed Ontario-based concrete manufacturer, and has marked June 30 as a final transaction date.

The Ottawa-based water and wastewater treatment systems maker completed its due diligence pertaining on a Nov. 12, 2007 conditional offer made by Clearford to acquire all the vendor's issued and outstanding shares, for a total purchase price of approximately

$22 million, paid by way of a $5 million secured promissory note and the remainder in cash at the time of closing.

Clearford will now seek shareholder approval, debenture holder approval, as well as approval from its bankers.

"The effective date of the transaction has been set at June 30, so long as the Aug. 14 target date for the completion of the acquisition is achieved," a news release from Clearford reads.

The closing of the acquisition is subject to a number of conditions,

including Clearford board approval, as well as consent from its bank,

holders of its secured convertible debentures, the TSX-Venture exchange and potentially disinterested shareholder approval, as required in a transaction of this type.

Clearford has so far withheld the name of the vendor for 'competitive' reasons, but the company did say that the vendor has assets in one location in Ontario and manufactures concrete products for customers in Canada and the U.S.